Laird v. Baltimore & Ohio Railroad

Stockbridge, J., delivered the opinion of the Court. The appeals in the above entitled causes grow out of the same proposed issue of bonds as that considered by this Court in the two immediately preceding appeals. With a single exception there is no difference in the allegations set forth in the bill of complaint. Apparently after the passage of the decree of February 25th, 1913, by the Circuit Court Ho. 2 of Baltimore City, in the previous case, the Baltimore and Ohio Railroad did submit for the approval of the Commission the proposed issue of $63,250,000 gold, 4% per cent, bonds, together with certain data in relation thereto, which does not appear in the record in this case.

Such is at least the reasonable inference to be drawn from the fourth and sixth paragraphs of the bill, which read as follows: “4. That Baltimore and Ohio Railroad Company in submitting for the approval of the Commission a certain issue of twenty-year four and one-half per cent. Convertile Gold Bonds stated that said company had issued its three-year four and one-half per cent. Secured Gold Hotes to the amount of $50,000,000, which notes would mature June 1, 1913'. and that the decision as to what part of the proceeds of said.

Convertible Bonds would be applied to meeting the obligations of said notes had not yet been determined. “From statements made to them, your Oratoais believe andl charge that said company proposes or is about; to. issue nodes;, ¹⁹⁵ payable at periods of more than twelve months after the date thereof, to renew or refund said notes, maturing June 1, 1913, or some part thereof, and that said company does not intend to apply to the